Browse 288 market data tables and 65 figures spread through 430 pages and in-depth TOC on "Healthcare IT Market"
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The global healthcare IT market is expected to grow at a CAGR of 15.9% during the forecast period of 2016 to 2021. The majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information.
The growing adoption of health information exchanges (HIEs) and EHR systems and improved quality of care and clinical outcomes are some of the other factors driving market growth. In addition to the growing demand for information technology solutions from healthcare providers, the growing need for healthcare insurance providers to efficiently manage a comprehensive record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years.
The report also provides the detailed geographic analysis of healthcare IT markets covering major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa regions. In 2015, North America accounted for the majority share of the global HCIT market followed by Europe and Asia-Pacific.
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The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies in order to curtail the soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in the region. Europe is the second-largest healthcare IT market. The large share of this region can mainly be attributed to factors such as government initiatives in European countries for eHealth technologies, the need for multi-country integration regarding health information, decreasing margins in the healthcare industry, and a rapidly increasing aging population and the subsequent rise in incidences of chronic diseases in this region.
However, during the forecast period, the Asia-Pacific region is expected to grow at the highest CAGR. Growing consumerism in the healthcare industry, accelerated economic growth of countries in the region, and the rising need to control the soaring healthcare costs are some of the key factors responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.
Although, the global healthcare IT market is largely fragmented in nature. Cerner Corporation (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions Inc, (U.S.), Philips Healthcare (Netherlands), and Epic Systems Corporation (U.S.) are some of the leaders in the clinical healthcare IT solutions market. Whereas, the non-clinical healthcare IT market is dominated by players such as Oracle Corporation (U.S.), Infor, Inc. (U.S.), SAP AG (Germany), McKesson Corporation (U.S.).
While product innovations remain at the center of strategic growth initiatives from majority of the key vendors in the global healthcare IT market, these players are also focusing on increasing their presence in the high growth markets through expansions, strategic marketing and distribution agreements, and acquisitions. Currently, the Asia-Pacific countries are at the focus on geographic expansions from leading players in the global healthcare IT market.
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Healthcare IT Market - Emerging Trends & Global Future Forecasts
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